What are investment funds? How to invest in investment funds with examples

Investment funds are certain forms of collective investments. In fact, an investment fund is a property complex that can be either Joint-Stock Company, or a structure with common shared ownership for citizens and organizations.

The interests of investors in investment funds are represented by management companies. The main task of the funds is to provide access to the securities market for ordinary investors and attract their money to the country's economy. At the same time, the asset management process itself is carried out by professional market participants who have the appropriate license to do so.

Investment fund: types

There are two types of funds to invest in. They are divided, taking into account the form of their creation, into the following.

1. Joint-stock investment funds whose activities include investing property. Presented as open joint stock companies. Such a fund conducts the placement of ordinary shares. In other words, to participate in a fund, you need to invest money in it and purchase securities of the fund itself. To exit such a fund, you need to sell previously purchased shares. This can be done on an open market such as an exchange.
2. (Mutual Funds) do not belong to legal entities. According to Russian legislation, a mutual fund is a separate complex property entity. Consists of property that is placed in trust. You can become a participant here by purchasing a share (share) from the management company. The share in question is presented in the form of a registered security, confirming the investor’s right to a share in the net assets of the mutual fund. Guided by the established rules of the fund, the management company carries out the sale and redemption of these shares.

In addition, mutual funds can be open or closed. Only professional participants in the securities market - management companies with the necessary licenses - can carry out stock management.

Investment funds: classification

In terms of investment objects, an investment fund can be joint stock, bond and mixed. In addition, there are industry funds. They specialize in investments in oil and gas complexes, mechanical engineering, etc.

Index funds are mutual funds whose investment portfolio is similar to stock index. The index is formed from securities of organizations that are leaders in the relevant market. That is why the risks of these investments remain at a fairly low level.

Another type of fund is real estate funds. The most common form for real estate funds is closed. This is due to the fact that construction projects may have a long period of implementation, unlike, for example, the most liquid securities.

Investment fund for qualified investors

The current legislation identifies a certain category of funds in which only professional investors participate. This type includes hedge funds. They have maximum scope for action when choosing investment objects, including the use of derivative securities. Venture capital funds are also popular in various countries. Today they are not so popular in our country. Their task is to support the organization and promising projects at the initial level of development.

The performance results of investment funds for the last completed financial year can be viewed in.

An investment fund is important in attracting investors' funds to the stock market in order to maintain and increase its competitiveness. With its help, non-professionals enter the market, thereby increasing the volume of resources circulating on it. Asset management is carried out by professional participants with licenses.

An investment fund is a mechanism that can be used to individuals and companies transfer the accumulated funds to professional managers. These investments are transformed into a portfolio of investments, where each investor has a share that is proportional to the investment.

Investments in the fund provide a number of advantages:

• diversification (redistribution) of risks;
• professional management;
• cost optimization;
• reliability.

That is, investment funds are a type of collective investment. The main goal is to create an investment portfolio for private investors.

The fund's management consists of the following companies:

• . Manages its assets, makes investment decisions, serves clients;
• depositary. Accounts for the fund's assets and monitors the legitimacy of the steps taken by the management company in relation to this property. Essentially, this is a nominal holder of the property;
• registrar. Involved in the formation of a register of investors;
• auditor. Supervises record keeping and reporting.

Important! The purpose of the fund is to accumulate funds from investors (this can be both individuals and companies) for collective investment through the acquisition of securities, rather than real assets. Sources of financing investments in fixed assets of an enterprise are capital investments that have nothing to do with funds.

What the law says

An investment fund is a public joint-stock company that issues ordinary registered shares and sells them to private investors. The work of the funds is specified in detail in the Federal Law “On Joint Stock Companies” and in.

He must obtain licenses to perform his functions and sign contracts with all the companies that manage him.

The created fund can only conduct activities aimed at attracting investments and managing them. That is, the legislation does not allow the combination of the above types of activities with others.

The Fund also does not have the right, even through advertising, to give investors a guarantee of income. In one banking institution, he can keep no more than 10% of the total value of his assets.

Types of investment funds

According to the form of opening there are:

• closed-end funds (mutual funds);
• investment funds of open type (joint stock).

Open is a joint stock company of a public (open) type, the main direction of which is to invest property. Becoming a participant is simple: buy securities placed by the fund. Exit, accordingly, implies the sale of these shares on the market.

In open funds, the investor can enter and leave the fund countless times. This type is not formed as a joint stock company, therefore the invested funds are not a contribution, but a share or share.

The cost of such a share is calculated as follows:

• C = asset value / number of shares
• Where C is the cost of one share.

The entire profit here is distributed among the shareholders:

• by receiving dividends;
• increasing the value of the share.

Closed-end funds are opened as joint-stock companies. They issue the prescribed number of shares and place them without the obligation to buy them back from the investor. As a result, they are distributed among a certain circle of buyers. Closedness means that its property cannot be increased by additional issue of shares, or reduced by repurchasing part of the securities.

The price of paper can be different and is determined by the presence/absence of demand for it. The risks are high, but are covered by high profits. Therefore, most often experienced investors take part here.

Important! An investment fund, in essence, is a financial product offered by a company for sale either publicly or to a pre-written list of persons. In other words, the investment company forms a portfolio of securities, carries out management and exercises ownership rights to a share of this portfolio at the expense of a financial instrument - an investment fund.

Analyzing investment objects, funds are distinguished:

• bonds;
• shares;
• mixed.

Industry funds are distinguished separately: these are fixed assets that capitalize investments. Their specialization is capital investments in mechanical engineering, oil and gas complexes, etc.

The legislation separately distinguishes funds for professional investors. This is, for example, a hedge fund, which has much more freedom in choosing objects for investment.

Venture funds are also a type of investment fund (see). Their main task is to finance and provide support to promising start-up projects at the initial stage.

For example, the Russian Funds investment group is a closed-end fund specializing in the following services:

• broker for trading securities and debt instruments;
• organization of financing for the real economy of the Russian Federation;
• issue of debt securities;
• investment activity - main production assets of enterprises in various sectors of the economy;
• attracting investments in real estate.

Bond issuers can also form investment funds.

What is all this for?

Let us highlight the main advantages of investing in funds:

1. For a relatively small amount, access to a portfolio of investments will be obtained. Moreover, it will already be diversified (see). With other investment methods, the risks might be greater.
2. Having decided to participate in the fund, you get the opportunity to receive consultations from professional market participants who will not let your investments go to waste. The fund's portfolio is not only optimally diversified, it can be tailored based on your preferences, risk and return expectations.
3. Most investors don't have enough time to decide which stocks to buy and when. In addition, this requires certain knowledge in the field of investing and the stock market. Having invested in an investment fund, its analysts themselves will determine which securities are best to invest in at the moment.

Important! There is a wide variety of forms and types of funds. Whichever one you choose, it is important to remember that they provide the opportunity to invest both with your active participation and without your intervention. The existing variety of funds makes it possible to create an optimal investment portfolio.

Investment funds provide an optimal and fairly simple way of investing, offering their services and increasing its profitability. The fund's capabilities will help you correctly distribute your funds and earn good money.

However, do not forget that all risks lie with you. The investment fund will only offer a strategy, but you bear all the risks of not receiving a profit in case of failure.

Happy investment!

Ministry of Education and Science Russian Federation

Federal agency of Education

Pskov State Polytechnic Institute

Department "Finance and Credit"

Course work

By discipline

« Finance»

on the topic of: "Investment Fund Finance".

Completed by: R.V. Mikhailov

Student group: 671-1107B

Checked by: N.I. Pavlova.

INTRODUCTION

The main purpose of this work is to review and characterize mutual investment funds. This work analyzes all aspects legal status investment funds and companies, the mechanism of their work and modern problems related to investment activities. Investment activity is one of the most important components of an enterprise's activities. The development of this topic is quite relevant at this time, when our economy is in a deep crisis.

Investment activity, to one degree or another, is inherent in any enterprise. Making an investment decision is impossible without taking into account such factors as: the type of investment, the cost of the investment project, the multiplicity of available projects, the limited financial resources available for investment, the risk associated with making a particular decision and other reasons determining the need for investment may be different, as well as the degree of responsibility for the adoption of an investment project within a particular direction.

In conditions market economy There are quite a lot of investment opportunities. At the same time, any enterprise has limited free financial resources available for investment. Therefore, the task of creating an investment portfolio arises.

A very significant risk factor. Investment activity is always carried out under conditions of uncertainty, the degree of which can vary significantly. Thus, at the time of acquiring new fixed assets, it is never possible to accurately predict the economic effect of this operation. Therefore, decisions are often made on an intuitive basis.

Currently, Russia faces an acute problem of attracting foreign investment, without which it is difficult to imagine the full development of industry and the implementation of large projects, due to the lack of sufficient funds within the country or the reluctance of potential resident investors to risk their capital. At the same time, there is nothing to talk about attracting foreign investment without a developed stock market. The derivatives market is an integral part of the stock market, which allows not only to receive speculative profits, but also, which is especially important for direct investors, to hedge against risks. The derivatives market is very important, since without it there will never be a complete financial market in the country.

1. Mutual investment funds: concept and essence.

1.1 The concept of a mutual investment fund.

A mutual fund is a property , transferred by investors (individuals and legal entities) into trust management of a licensed management company for the purpose of increasing this property.

A mutual investment fund is a collective investment institution, a tool for accumulating the assets of many investors. A mutual fund is a kind of “money bag” through which transactions are carried out on the financial and stock markets. Investor who invested cash into a mutual investment fund, becomes the owner of the investment unit (shareholder). The property that makes up the mutual fund belongs to the shareholders on the right of common shared ownership.

The fund is managed by Management Company, licensed by the Federal Securities Commission. The management company can simultaneously manage several investment funds. The fund is considered created from the moment of registration of the prospectus for the issue of investment units with the Federal Financial Markets Service.

The basis for the functioning of a mutual investment investment is the mechanism trust management. The terms of the trust management agreement are contained in the Rules of the Fund - the main document regulating the activities of the Fund. The Fund's rules are developed by the management company on the basis of the Model Rules approved by the Government. The management company registers the Fund Rules in the Federal Financial Markets Service and publishes them in mass media.

Any individual or legal entity, including a non-resident of the Russian Federation, can join a trust management agreement. Joining the Fund trust management agreement is carried out by purchasing investment shares.

The legislation establishes a list of assets that may constitute the Fund’s property:

1. Cash, including foreign currency;

2. Funds placed on a bank deposit (deposit);

3. Government securities of the Russian Federation;

4. Government securities of the constituent entities of the Russian Federation;

5. Municipal securities;

6. Shares and bonds of Russian joint-stock companies;

7. Securities foreign countries;

8. Shares of foreign joint-stock companies and bonds of foreign commercial organizations;

9. Other securities provided for by regulations legal acts FCSM of the Russian Federation.

1.2. Investment shares and operations with them.

Investment share- a registered security certifying its owner’s share in the ownership of the property constituting the Fund. An investment unit allows its owner to demand from the Management Company:

1. Proper management of the Fund

2. Receiving monetary compensation upon liquidation of the Fund

3. Redemption of shares and receipt of compensation

4. Payments of income from trust management (closed mutual funds).

5. Participation in general meeting(closed mutual funds).

6. Presentation of the share to the investment company for redemption.

To purchase shares of a mutual investment fund, you must submit an application for purchase and transfer the invested amount to the fund account. The number of investment units credited to the owner’s personal account is determined by dividing the amount received in payment for the units by the placement price of one investment unit. Receipt entries in the register of owners of investment shares are made no later than 3 days from the date of receipt of funds into the fund account.

The placement price of one investment unit is determined as the cost of one investment unit increased by the amount of the premium, if any. When calculating the number of shares and the payment amount, the value of the investment share is taken, calculated on the day the income/expense entry is made in the register of owners of shares of the mutual investment fund. The placement and redemption of investment units can be carried out by the management company and agents for the placement and redemption of shares. In open mutual funds, applications for placement, redemption and exchange of shares are accepted every working day, and in interval ones - on working days of certain periods of time.

Clause 5 of Article 14 of the Law on Investment Funds stipulates that investment shares are freely circulated upon completion of the formation of a mutual fund. No consent of other mutual fund co-owners is required to transfer their share. The pre-emptive right, usual for common property, does not apply (Article 250 of the Civil Code).

Moreover, the Law on Investment Funds determines that by acceding to a trust management agreement for a mutual investment fund, an individual or legal entity thereby waives the exercise of the preemptive right to acquire a share in the ownership of the property constituting the mutual investment fund. In this case, the corresponding right is terminated.

A distinction is made between the primary placement of investment units and the placement of investment units at the end of the initial placement period. The term of the initial placement is fixed in the issue prospectus.

Conditions for the initial placement of investment units.

1) the period of initial placement must be determined in the rules of the fund and cannot exceed three months.

2) during the initial placement period, shares are sold at a single price

3) during the period of primary placement, payment for shares is allowed only in cash, GKOs and OFZs with a variable coupon. At the end of the initial placement period, shares can only be paid for in cash

4) at the end of the primary placement period, the value of the net assets of an open-ended fund must be at least 2.5 billion rubles, and an interval fund - at least 5 billion rubles. If the net asset value is less than the norm, the fund is subject to liquidation and the funds are returned to investors without specifying a time frame.

5) the initial placement begins no later than 180 days after registration of the prospectus.

10 minutes to read. Views 4 Published 04/07/2018

Mutual investment funds and joint-stock communities appeared on the territory of the Russian Federation more than twenty years ago. Over their short history, they managed to spread their influence over more than eighty percent of the investment market. The reason for their high popularity is quite simple, because not every person can independently enter the stock exchange. Many entrepreneurs lack the knowledge, financial resources and free time to conduct such activities. With the help of mutual funds, everyone has the opportunity to become a successful broker with minimal risk of losing invested capital. In this article we will tell in simple words about the principles of operation of mutual investment funds, their advantages and disadvantages.

A mutual investment fund (UIF) is a very simple and understandable instrument that has existed in Russia for more than 20 years

What is mutual fund

To correctly answer this question, you need to give a competent definition this concept. A mutual investment fund is an organization that brings together several investors for the purpose of investing financial resources in investment activities. Management of the turnover of financial assets is carried out by experienced brokers of the management company. The purpose of this fund is to constantly increase the value of investors' assets. Based on all of the above, we can conclude that such funds carry out their activities thanks to the investments of citizens.

The man who invested his financial resources into such an organization, becomes a shareholder, that is, the owner of a certain amount of shares.

The share itself is a document confirming the investor’s ownership of the fund’s funds. The presence of this document is documentary evidence of certain rights that are guaranteed by the fund. Each depositor is granted the following rights:

1. The right to competent management of invested capital.
2. The right to return invested funds in cash equivalent upon termination of the investment fund’s activities.
3. Open mutual funds provide their investors with the right to repurchase their own securities.
4. Closed mutual funds provide their investors with the right to participate in various meetings, receive income and repurchase their own securities within the time limits established by the rules.

As practice shows, the conversion of shares of a closed-end mutual investment fund is carried out only upon termination of the activity of the fund itself or termination of the agreement. To ensure the liquidity of the shares, the company manager regulates the exchange movement of investments.

It is important to note that, unlike shares, shares do not have the status of securities. They do not have a nominal value and are issued only in undocumented versions. There is also no regulation of the number of securities opened by mutual funds. In the case of closed-end mutual funds, the number of securities is regulated based on the rules of the trust agreement.

In order to calculate the value of a unit, it is necessary to divide the net assets of the fund by the total amount of issued units. The term “net assets” should be understood as property values ​​as of the calculation date minus the debt obligations of the management company to the remaining members of the fund.

To summarize all of the above, you should pay attention to the fact that the value of a share is a dynamic value that can either increase or decrease depending on the overall price of the portfolio.

Operating principle

Mutual investment funds in Russia operate on the basis of financial resources accumulated by shareholders. The management company provides control over investments and selects areas of focus investment activities. The staff of such organizations includes competent analysts, experienced traders and professional managers.

Mutual funds also have independent infrastructure units. The task of the depositary is to preserve the property of depositors and control the actions of the management company. The registrar records shares and records the property rights of investors. The task of auditors is to carry out various projects, and financial intermediaries accompany financial transactions and conclude transactions.

All actions of a mutual investment fund are carried out in strict order. At the first stage, the investor submits an application to the agent to purchase a share. After the application is approved, an agreement is concluded between the investor and the management company. The latter transmits all documents provided by the depositor to the registrar. The registrar’s task is to include a new shareholder in the appropriate register, accrue shares and provide an extract. Next, the management company, through its representatives on the investment market, purchases assets. The acquired assets are recorded in the fund's accounts, after which they are transferred to the depository for safekeeping.

There are several main advantages of this area of ​​investment activity. Among them, information transparency and the presence of mutual control should be highlighted. Each of the infrastructure units exercises control over another structure. And the activities of shareholders are subject to audit.

A unique feature of this type of business activity is the ability of the shareholder to own a fractional amount of securities. Thanks to this feature, the entry threshold is significantly reduced, since the cost of a whole share can be quite high. In some funds, investors are given the opportunity to contribute money per share in stages using a capital call scheme. When choosing this scheme, financial contributions to the fund’s activities are made only when necessary. The advantage of this approach is the constant movement of funds.

Financial costs

There is a list of indirect financial costs that await an investor when investing in mutual funds. The expense item includes a commission that is charged to the entrepreneur when purchasing a share. The premium can be about one and a half percent of the total transaction amount. As a rule, the higher the investment amount, the lower the interest premium charged to the entrepreneur.

When considering the question of what a mutual fund is and the features of this area of ​​investment activity, management costs should be mentioned. These costs represent about five percent of total net assets. They include remuneration for the management company and payment for the services of infrastructure units. According to experts, these expenses are “unpleasant” because they are collected even if the fund makes losses. Management costs also include taxes. In case of secondary sale of the share, the investor must pay thirteen percent of the income received. It is important to note that there are several various methods reduction of tax payments. Special tax deductions and exchange of securities within one management company can significantly reduce the interest rate.

Types of mutual funds

Over twenty years of practice, a large number of different mutual investment funds have been formed on the territory of the Russian Federation. They are classified into separate groups according to the following criteria:

• possibility of early repayment and issue;
• investor status;
• attachment objects.

We propose to begin our review of various types of investment funds with organizations belonging to the first group. The leaders in this segment are considered open-end investment funds that offer their investors repayment and issuance of financial assets at any time. Investors of such funds have the right to invest their capital only in those assets that have high liquidity. Open mutual funds offer their own members guaranteed reliability, but the profitability of this enterprise is quite low. This fact is explained by the fact that fund members can return their own investments at any time.

Another type of fund belonging to the first category is interval mutual funds. A special feature of this organization is the limited period of issue and repayment. According to internal rules established in such organizations, the issuance of financial resources is carried out once a year. This means that the invested capital will not be available to the investor for a certain period of time. Thanks to this rule, the management company gets the opportunity to invest money in projects with medium urgency that have high prospects for increasing the value of assets.

Closing mutual fund is the last representative of the considered category. In these institutions, units are issued only at the stage of fund formation, and redemption is carried out at the time of closing. These organizations are created to achieve a specific goal, after which they cease their activities. It should be noted that these institutions have access to the widest range of investment assets. According to statistics, the cost of joining a closed-end mutual fund is about one million rubles. Only large investors become members of these funds.

According to experts, despite the increased risks, interval and closed mutual funds have high profitability. Often the securities of shareholders are moved to secondary market, which puts the liquidity of the share into question.

Next, we should consider the category of mutual funds, where the status of the investor plays an important role. For ordinary funds, investor status is not of high importance. In the case of closed institutions, only large “players” can take part. To obtain this status, an investor must meet a number of strict requirements. First of all, the total cost of the investor’s capital must exceed more than 6 million rubles. In addition, you will need to have some experience in making transactions on the stock market. A special requirement is an annual financial turnover of 6 million rubles.

The third category includes funds that differ in the method of using financial instruments. This category includes organizations engaged in investment activities in the financial and commodity markets, the securities market and the index exchange. In addition to the above organizations, there are credit and mortgage funds, mutual funds of artistic values ​​and direct investments. Each of the above organizations has its own unique characteristics, which affects the level of risk and liquidity of investments.

Advantages and disadvantages

Having dealt with the issue of mutual funds - what it is, we propose to consider the key advantages and disadvantages of these institutions. Among the undeniable advantages, their availability should be highlighted, since the cost of joining an open fund is one thousand rubles. Each investor can choose institutions based on their preferences in the area of ​​investment activity. Thanks to a multi-level control system and professional management, invested capital is under reliable protection.

An impressive investment portfolio provides each investor with the opportunity to diversify investments and minimize the risk of capital loss. Among the advantages of mutual funds, one should highlight the high liquidity of securities, which is ensured by free circulation on the investment market. Each fund participant receives various benefits, including tax deductions. However, the main advantage of this activity is the complete transparency of all information provided.

However, despite the above advantages, this type of activity has significant disadvantages. First of all, these are risks that are significantly higher than safer investment methods (deposits, purchasing bonds). It should be noted that during a systemic crisis, mutual funds become unprofitable.

It should also be noted that this type of investment activity requires certain financial costs. Additional cost items include payment of a commission when making various operations and annual fees to the management company. Disadvantages of activity depend on the specifics of the fund, since some mutual funds only have access to certain areas of the investment exchange. Similar restrictions are imposed government agencies in order to prevent fraud. In addition, it should be said that during a collapse of the securities exchange, the value of the share may drop sharply.

Special attention should be paid to the fact that the deposit insurance program does not apply to mutual investment funds. This means that the management company has the ability to reorganize or completely liquidate the created fund. If such actions are carried out during a crisis, the value of investors' shares will decline. This means that all fund members will lose a significant portion of their invested capital.

• "Sberbank - Asset Management";
• Raiffeisen Capital;
• Alfa Capital;
• "Gazprombank - Asset Management";
• "URADSIB".

In contact with

An investment fund is an institution that makes collective investments

An investment fund is an institution that carries out collective activities by accumulating the savings of individuals

An investment fund is an organization responsible for collective investments

— This an institution that carries out collective activities by accumulating the savings of individuals for joint portfolio investment in securities.

An investment fund is institution that carries out collective investments. Its essence is the accumulation of savings of private and legal entities. persons for joint, including portfolio investment through the purchase valuable papers, rather than real productive assets. At the same time, due to the fact that the acquisition valuable papers carried out by a professional market participant, this allows minimizing the risks of private investors.

This property complex without education legal faces physical or legal entities bring their money to the fund. And these funds, which are consolidated into a single complex, are managed by the management organization. Each fund must be registered with the Federal Service for Financial Markets rules. And these rules are the main document of the fund. In order to buy shares, and a share is what certifies the right investor for shared ownership of the foundation's property. If he fills out an application in accordance with the rules, he receives shares. As a rule, shares exist in book-entry form. This means that evidence that the investor has acquired these shares is an extract from the register, which is provided to him by a specialized registrar. Also an organization licensed by the Financial Service for Financial markets. All of the fund’s property, securities or securities, or any other property that the fund acquired for investors is accounted for and stored in specialized depositories. This is the third organization that also has license Federal service on financial markets. Thus, the investor’s peace of mind, his safety money guaranteed by three licensed companies: manager firm, a specialized registrar and a specialized depository. Classifies funds into open, closed and interval.

Types of investment funds

A mutual fund is a form of mutual investment.

The Investment Fund of the Russian Federation is a state fund for co-financing investment projects.

A mutual fund is a form of mutual investing.

A hedge fund is a private, unrestricted investment fund that is not available to the general public and is managed by a professional investment manager.

An Exchange Traded Fund (ETF) is a closed-end mutual fund that issues shares.

Check investment fund is a specialized fund created in Russian Federation the period of voucher privatization in the early 1990s, with the aim of assisting the population in investing privatization checks (vouchers) and ensuring professional management assets of this fund.

Functions of investment funds

Investment funds perform the following functions:

Accumulation of savings of individual investors;

More efficient management of investment resources, which individual investors cannot provide due to the lack of necessary professional skills and experience;

The investment fund invests financial resources given to it by the population in shares of private and government organizations, bank deposits, state, municipal and corporate bonds. There are several types of mutual investment funds, which depend on which securities are more in the investment fund’s portfolio: stock fund, bond fund, money market fund, real estate , private equity, fancy investing, blended investing, mortgage funds and index funds.

In general, there is a decline in consumer demand around the world, in different directions. IN different countries there is a change in the sector real estate and rising unemployment. But in the Republic of Germany, economic results exceeded expectations.

Open-ended investment fund

A type of unit trust in which managers may, at their discretion, change the allocation of fund capital without notifying unit holders. Open-ended investment funds are practiced in the USA.

An open-end investment fund is an investment fund with a non-fixed amount of resources that can issue additional shares, sell them to everyone and buy them back. At the same time, the fund guarantees to all its shareholders the repurchase of shares at a price equal to the corresponding share of the value of the entire portfolio, which is calculated daily at the time the market closes.

Investment fund is

Joint Stock Investment Fund

A joint stock investment fund (AIF) is open joint stock company (JSC), the exclusive subject of activity of which is the investment of property in securities and other objects provided for by law.

Its task is the same as that of a mutual investment fund (UIF) - to accumulate funds from citizens who are not market professionals for investment in the economy.

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